Risk Assessment Toolkit

CPE Credit:

0 hour for CPAs

Version Number: 4.0 - (Last Released on: October 5, 2012)

Originally designed to meet the AICPA's Risk Assessment Standards SAS Nos. 104 through 111, the Risk Assessment Toolkit is now updated to keep you in compliance with the new Clarified Auditing Standards!

Get the help you need to easily apply the new standards with the new Risk Assessment Toolkit! The time you save on this year's audits will quickly pay for this essential new tool and using the tool will ensure consistency on all your audit engagements.

Most other commercial providers of practice aids have taken existing products and attempted to force them into this new methodology. The Risk Assessment Toolkit was designed by practitioners from the bottom up to provide a concise format to document compliance with the new standards.

The key to the Risk Assessment Toolkit is the Audit Strategy Worksheet. This worksheet guides the practitioner through the steps necessary to comply with the required assertion based approach. The Audit Strategy Worksheet takes the practitioner step by step through:

Mandatory risk assessment procedures
Documentation of relevant assertions
Understanding of controls in place for each assertion
Summary as to whether controls have been appropriately designed and are in place
Risk assessment by assertion
Documentation of further audit procedures responsive to the risk assessment

The Risk Assessment Toolkit provides systematic documentation of the following audit areas:

Pre-engagement activities
Initiation audit strategy
Materiality
Interview documentation
Understanding of entity and operating environment
Engagement team meeting
Overall and Assertion level risk assessment
Fraud risk documentation including mandatory procedures required by SAS No. 99
Significant area summary
Audit Strategy worksheets for assertion level risk assessment

The Risk Assessment Toolkit was created by Thomas Noce, CPA, CFE. In addition to his tax and accounting practice, Tom performs special engagements dealing with internal controls and fraud prevention and detection. He has authored and taught numerous accounting, auditing, and fraud courses.with a focus on understanding and implementing the new risk assessment standards.

Format
Practice Aid

The $199 fee is for one individual user. This annual subscription includes (at no extra charge) all periodic updates issued during the subscription period (one year from date of purchase). For information about multi-user pricing/group discounts, contact sales@cpelink.com.

NASBA Field of Study
Accounting (0 hour)

Program Prerequisites
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Advance Preparation
None

Fees

Regular Fee

$199